Wu said that Coinbase CEO Brian Armstrong posted a statement indicating that the UK is finalizing stablecoin regulations, but these rules could hinder the UK's ability to remain globally competitive in the digital economy. For example, the Bank of England is proposing to set limits on the holdings of stablecoins by individuals and businesses. Armstrong believes that the current regulatory direction will become a stumbling block for financial innovation in the UK and has called on UK residents to sign a petition initiated by Stand With Crypto UK, urging the government to develop a strategy that supports blockchain and stablecoin innovation. According to the accompanying image, the petition has already received over 79,000 signatures of support.